Abu Dhabi’s sovereign investor Mubadala is keen to make a strategic shift towards global transport infrastructure, but regulatory bottlenecks and limited availability of high-quality opportunities remain constraints, a senior executive said.
Khaled Al Marri, chief executive of real assets at Mubadala, said the fund was “ready to deploy a large amount of capital” into transport assets once clear, long-term traffic and predictable regulatory frameworks are in place.
“We are short of opportunities today, not capital,” he told The National at Abu Dhabi Finance Week.
“We're looking at a lot of airports, but finding that airport opportunity where there is stability in the traffic volume [is difficult]. Looking at the past 10, 20 years – you don't see a lot of swings.”
His comments reflect the broader global contrast between rising infrastructure needs and investment constraints.
Private participation in infrastructure (PPI) investment grew 16 per cent annually to $100.7 billion last year, the World Bank found in its latest report.
For Mubadala, the size of its broader investment portfolio has been climbing. The firm reported assets under management of about $326 billion in 2025, reflecting a steady expansion in sectors such as technology, manufacturing and digital infrastructure.
Mubadala’s growing real assets platform has invested in transport, energy and digital infrastructure in multiple countries.
Slower transport deals
Mubadala’s pursuit of airport assets reflects a wider market dynamic that infrastructure investment is increasingly constrained by policy uncertainty and regulatory complexity across major economies.
In much of Europe, where a significant portion of major airports are privately owned, institutional capital has historically been stronger, supported by concession and ownership frameworks that attract long-term capital, according to Airports Council International Europe’s 2024 industry manifesto. This is driven in part by supportive government frameworks.
Dr Sadek Wahba, founder and managing partner of independent global infrastructure investment manager I Squared Capital, said Europe’s model had been “relatively successful”, but when you look at other emerging markets or the US, the criteria are different.
“You need to be able to have an opportunity set with a regulation that makes sense, that you can invest in. You may have an amazing history of traffic, but then regulation doesn't work for you,” he said.
About 75 per cent of passengers use privately owned airports in Europe, 66 per cent in Latin America and 47 per cent in Asia Pacific, according to a September report by ACI.
Regulatory change can open doors, said Dr Wahba, who suggested that there might be future shifts in the US. But policy evolution will require the rewriting of long-standing regulatory frameworks that will not happen soon, he said.
“Deregulation is on its way but it's going to be a journey,” he said. “It's going to take time.”
Digital infrastructure focus
Against this backdrop of constrained transport opportunities, both Mubadala and I Squared are finding more success in digital and energy transition infrastructure.
Mr Al Marri said digital assets, including data centres, fibre networks and connectivity platforms account for more than 20 per cent of Mubadala’s infrastructure capital investments this year and represent one of its fastest-growing sectors.
The growth has been propelled by global trends such as artificial intelligence, cloud computing and the expansion of internet-connected services.
Dr Wahba also confirmed that the firm is active across digital infrastructure and energy transition assets. Infrastructure investors are increasingly looking at debt and equity opportunities where digitisation and renewable energy overlap as demand for both power and connectivity rises.
On the energy front, Dr Wahba emphasised that renewables and related technologies such as battery storage, carbon capture and onshore manufacturing linked to battery materials remain central pillars of infrastructure portfolios, especially in the US, where energy transition policy supports domestic manufacturing.
Public-private partnerships
Both executives stressed that public-private partnerships (PPPs) are becoming indispensable to fund, build and operate infrastructure assets. These models, while not universal, have increasingly been used to bridge funding gaps and embed private capital into public sector priorities.
Mubadala is exploring PPP frameworks for major programmes such as the Stargate Project, a proposed trans-regional digital infrastructure initiative that would require substantial capital and co-ordination among governments, local operators and global investors.
Dr Wahba noted that PPPs are also being used to monetise existing public assets and freeing capital for reinvestment in high-priority sectors. He cited the example of Saudi Arabia’s active use of asset recycling through PPP mechanisms.
Yet some disagree with his view on PPPs. Private firms will only invest in infrastructure when host states shoulder the lion’s share of the risk, according to Lee Jones, professor of political economy and international relations at Queen Mary University of London, who was responding to an opinion piece on the topic by Mr Wahba.
Disciplined investment in a noisy market
Both executives acknowledged that the biggest challenge for infrastructure investing is not identifying long-term trends, such as decarbonisation and digitisation, but maintaining discipline amid market noise.
“The most difficult thing is to stay focused in a time of noise, hype and short-term reactions,” Mr Al Marri said. “Investing is simple – staying calm is not.”
Their remarks address a mounting global concern that persistent regulatory uncertainty, strained public budgets and surging infrastructure demand are driving what the G20-affiliated Global Infrastructure Hub projects say could become a global infrastructure financing gap of about $15 trillion by 2040.
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
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Sheer grandeur
The Owo building is 14 storeys high, seven of which are below ground, with the 30,000 square feet of amenities located subterranean, including a 16-seat private cinema, seven lounges, a gym, games room, treatment suites and bicycle storage.
A clear distinction between the residences and the Raffles hotel with the amenities operated separately.
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%3Cp%3E%3Cstrong%3EDirectors%3A%20%3C%2Fstrong%3EVarious%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Nicola%20Coughlan%2C%20Luke%20Newton%2C%20Jonathan%20Bailey%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3%2F5%3C%2Fp%3E%0A
Oscars in the UAE
The 90th Academy Awards will be aired in the UAE from 3.30am on Monday, March 5 on OSN, with the ceremony starting at 5am
TEACHERS' PAY - WHAT YOU NEED TO KNOW
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
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%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EAdam%20Wingard%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EBrian%20Tyree%20Henry%2C%20Rebecca%20Hall%2C%20Dan%20Stevens%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
RESULT
Fifth ODI, at Headingley
England 351/9
Pakistan 297
England win by 54 runs (win series 4-0)
Zayed%20Centre%20for%20Research
%3Cp%3EThe%20Zayed%20Centre%20for%20Research%20is%20a%20partnership%20between%20Great%20Ormond%20Street%20Hospital%2C%20University%20College%20London%20and%20Great%20Ormond%20Street%20Hospital%20Children%E2%80%99s%20Charity%20and%20was%20made%20possible%20thanks%20to%20a%20generous%20%C2%A360%20million%20gift%20in%202014%20from%20Sheikha%20Fatima%20bint%20Mubarak%2C%20Chairwoman%20of%20the%20General%20Women's%20Union%2C%20President%20of%20the%20Supreme%20Council%20for%20Motherhood%20and%20Childhood%2C%20and%20Supreme%20Chairwoman%20of%20the%20Family%20Development%20Foundation.%3C%2Fp%3E%0A
The team
Photographer: Mateusz Stefanowski at Art Factory
Videographer: Jear Valasquez
Fashion director: Sarah Maisey
Make-up: Gulum Erzincan at Art Factory
Model: Randa at Art Factory Videographer’s assistant: Zanong Magat
Photographer’s assistant: Sophia Shlykova
With thanks to Jubail Mangrove Park, Jubail Island, Abu Dhabi
EPL's youngest
- Ethan Nwaneri (Arsenal)
15 years, 181 days old
- Max Dowman (Arsenal)
15 years, 235 days old
- Jeremy Monga (Leicester)
15 years, 271 days old
- Harvey Elliott (Fulham)
16 years, 30 days old
- Matthew Briggs (Fulham)
16 years, 68 days old
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
match info
Chelsea 2
Willian (13'), Ross Barkley (64')
Liverpool 0
Fines for littering
In Dubai:
Dh200 for littering or spitting in the Dubai Metro
Dh500 for throwing cigarette butts or chewing gum on the floor, or littering from a vehicle.
Dh1,000 for littering on a beach, spitting in public places, throwing a cigarette butt from a vehicle
In Sharjah and other emirates
Dh500 for littering - including cigarette butts and chewing gum - in public places and beaches in Sharjah
Dh2,000 for littering in Sharjah deserts
Dh500 for littering from a vehicle in Ras Al Khaimah
Dh1,000 for littering from a car in Abu Dhabi
Dh1,000 to Dh100,000 for dumping waste in residential or public areas in Al Ain
Dh10,000 for littering at Ajman's beaches
EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
